Misys agrees to £1.27bn takeover from Vista Partners

Misys has agreed to a 350p-a-share takeover from the US private equity house Vista Partners that values the bank software group at £1.27bn.

However, Misys shares jumped 7 per cent to close at 354p, above the offer price, as investors bet on a counter-bid. The private equity firm CVC Capital Partners and ValueAct Capital, Misys's largest shareholder, which have already expressed interest in Misys, said yesterday they are still considering a joint offer, and advised investors to take no action yet.

Temenos, Misys's Swiss rival which walked away from takeover talks with Misys last month, could also return to the fray now that a rival offer has been tabled. It declined to comment on its intentions last night.

City bankers working on the deal can expect to share fees of more than £12m. Barclays and JPMorgan Cazenove are acting for Misys.